Metro Bank PLC (LON:MTRO) has made Dan Frumkin its permanent chief executive.
Initially hired as chief transformation officer last September, Frumkin became interim CEO at the start of 2020.
Craig Donaldson, the troubled bank’s boss of ten years left in December.
READ: Metro Bank bounces as Lloyds rumoured to be considering bid
The challenger bank was forced to raise £375mln in a cash call to keep itself afloat last year after revealing an accounting blunder last February.
The stock has collapsed 87% subsequently.
Frumkin comes from executive roles at Bermudan community bank The Bank of N.T. Butterfield & Son, which he joined from Royal Bank of Scotland Group PLC (LON:RBS).
His base salary will be £740,000, with bonuses in the range of 0% to 200% of salary plus options to receive 100,000 shares.